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Playgon Announces Intention to Complete Shares for Debt Transactions
Vancouver, British Columbia--(Newsfile Corp. - July 12, 2023) - Playgon Games Inc. (TSXV: DEAL) ...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Playgon Announces Intention to Complete Shares for Debt TransactionsVancouver, British Columbia--(Newsfile Corp. - July 12, 2023) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) (\"Playgon\" or the \"Company\"), a propriety SaaS technology company delivering mobile live dealer technology to online gaming operators globally, announces its intention to complete \"shares for debt\" transactions pursuant to Policy 4.3 of the TSXV Corporate Finance Manual (the \"Shares for Debt Transactions\"). Pursuant to the proposed Shares for Debt Transactions, the Company intends to settle (i) an aggregate amount of CAD$223,870.61 relating to aggregate interest payments owed to the Company's debentureholders pursuant to the unsecured convertible debentures issued by the Company on January 19, 2023, March 24, 2023 and May 3, 2023 under a debenture indenture dated January 19, 2023, as supplemented on May 3, 2023, and a debenture certificate issued on May 3, 2023, at a deemed price per share equal to CAD$0.07 for a total issuance of 3,198,148 common shares of the Company (\"Common Shares\"), (ii) an aggregate amount of CAD$2,170,659.04 relating to amounts currently owing and outstanding pursuant to short term promissory notes and other trade payables of the Company at a deemed price per share equal to CAD$0.07 for a total issuance of 31,009,415 Common Shares, and (iii) an aggregate amount of CAD$72,500 relating to amounts currently owing and outstanding pursuant to board fees owed to certain of the Company's board members at a deemed price per share equal to CAD$0.07 for a total issuance of 1,035,715 Common Shares.A portion of the Shares for Debt Transactions will constitute \"related party\" transactions pursuant to Multilateral Instrument 61-101 (\"MI 61-101\") and Policy 5.9 of the TSXV Corporate Finance Manual. The Company intends to rely on available exemptions from the formal valuation and minority shareholder approval requirements as provided for under MI 61-101 as neither the fair market value of the subject matter of, nor the fair market value of the consideration for, the transactions, insofar as it involves related parties of the Company, exceeds 25% of the Company's market capitalization. The proposed Shares for Debt Transactions remain subject to the approval of the TSX Venture Exchange.About Playgon Games Inc.Playgon is...